For the purpose of determining the benefits calculated under SECTIONS 38-69-260 and 38-69-270, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date is considered to be the latest date for which election is permitted by the contract but may not be considered to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later.
S.C. Code Ann. § 38-69-280
Maturity date under certain contracts
Known as the Standard Nonforfeiture Law
The act spans §§ 38–38 (31 sections).
Former 1976 Code SECTION 38-8-80 [1978 Act No. 517 SECTION 8] recodified as SECTION 38-69-280 by 1987 Act No. 155, SECTION 1.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.